A CREDIT UNION’S CYBER DEFENSES

3 A Strong Verification Process Protects Apple Pay Users

into NCUA’s exam approach after we give credit unions and our examiners time to immerse themselves into the tool and the principles of effective cybersecurity.”

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4 Board Perspectives

New MBL Proposal: Are Further Changes in Order?

The potential for cybercrime is everywhere these days. For credit unions, there are potential vulnerabilities in the payments system, and in its operations, critical systems and even its employees. And no credit union—from the smallest to the largest—is immune to the dangers. Mitigating these vulnerabilities can seem overwhelming, even for the most seasoned of teams. Fortunately, credit unions have a new tool to help guide them through the process.

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5 Board Actions

6 How the Overhead Transfer Rate and Operating Fee Work

The Federal Financial Institutions Examination Council recently released its Cybersecurity Assessment Tool to help financial services institutions identify their potential risks and vulnerabilities and assess their cybersecurity preparedness. This tool was developed after the FFIEC’s 2014 cybersecurity assessment pilot program conducted on more than 500 institutions, including more than 300 credit unions.

The FFIEC assessment tool features two critical components. Both components are designed to scale reasonably well for both small and large institutions. The first piece walks an institution through an assessment of its inherent risk and inherent risk profile. The profile identifies activities, services and products under the following categories:

10 What to Consider When Reviewing Privileged Access

“The tool is designed to help institutions address their cybersecurity concerns in an effective, measureable and repeatable way,” said Tim Segerson, Deputy Director of NCUA’s Office of Examination and Insurance. “The tool is optional and there is no mandatory expectation of its use during exams. However, our plan is over the long term—around mid-2016—to put the tool

n Technologies and Connection Types. Certain types of connections and technologies may pose a higher inherent risk depending on the complexity and maturity, connections and nature of the specific technology products or services. This includes the number of Internet service provider and third-party connections, the number of unsecured connections, the use of wireless access, volume of network devices, end-of-life systems, extent of cloud services and the use of personal devices.

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n Delivery Channels. Various delivery channels for products and services may pose a higher inherent risk depending on the nature of the specific product or service offered. Inherent risk increases as the